Sorted Money Week
How do you feel about your financial knowledge and capability?
Sorted Money Week is back again from Monday August 9 - Sunday 15, and is building on the theme from 2020 of 'just wondering'.
Organised by the Te Ara Ahunga Ora Retirement Commission, the goal of Money Week is to help demystify all things money, and we want to play our part.
We looked at the most common questions we hear, compared them to those on the Sorted website, and saw some common themes emerge; managing debt, planning for retirement, and understanding where we should save our money.
If you've been wondering about any of these, you'll be pleased to know we've got some answers.
On debt. Just wondering... where do I start, and what do I tackle first?
Debt can feel overwhelming at times but know that not all debt is the same. When thinking about reducing or better managing your debt, consider working to clear the highest interest incurring loan, or the smallest loan, first.
It'll feel great and give you some momentum to keep going!
If you're coping with multiple loans, debt consolidation might offer you a sustainable solution.
On retirement. Just wondering... how do I make retirement plans and stick to them?
Retirement might be on your mind because it's just around the corner, or it might be something you're putting off thinking about because it's, well, ages away.
No matter how far away retirement is, it's crucial to think about what you want yours to look like to plan your finances accordingly. Sorted provides some handy retirement planning tools to get you started.
On savings. Just wondering... how do I choose the best place for my savings?
If you're putting money aside for a rainy day or a big goal, good on you! Deciding where to keep your funds will depend on how quickly you need to access the money in the future and how much you want to get back from it in the longer term.
You might consider an on-call savings account, a term deposit or other savings products, depending on your needs.
We are all in different places in our lives, and our financial journeys.
Take some time during Sorted Money Week to share what you've been wondering or check out other Kiwi's questions - you might be surprised to learn what’s on others minds.